Saudi economy shrinks by 3% in Q1

Non-oil GDP grows at fastest pace since 2019

(Source: Saudi General Authority for Statistics)

Saudi Arabia’s gross domestic product fell by 3% in the first quarter compared to the same period last year, but the non-oil economy grew at its fastest pace since 2019, according to latest official data.

The non-oil sector, the kingdom’s engine of job creation, grew 2.9% compared with 1.6% a year earlier. …